Guest blog: cloud accounting

Penny Roberts is a manager at RRL, an independent firm of chartered accountants and chartered tax advisers based in Cornwall. Penny heads up the firm’s management accounts department and assists clients with all of their cloud accountancy needs. Here she explains what cloud accounting is and how RRL can help you and your business.

What is cloud accounting and how can we help?

We work with businesses large and small, across the county to ensure that they are prepared for, and able to adapt to, today’s ever-changing business environment.

Dealing with old-fashioned accounting software and complicated spreadsheets can take up a lot of your time, time that can otherwise be spent running your business. The solution? Cloud accounting: Adding security, reducing cost, and enabling greater flexibility for time-poor business owners.

Cloud accounting is fast becoming the ‘buzz phrase’ in the industry, able to save you and your business time and money, but what exactly is it?

What is the cloud?

The cloud is online storage space, accessible anywhere, anytime and from any device with an internet connection. Instead of storing your data locally on a laptop, hard drive or similar, your information is stored securely on an external server.

What are the benefits?

There are numerous benefits to cloud accounting, particularly for small business owners:

• Convenience – It enables you to access accounts, securely and conveniently at the office, at home or whilst on the move.
• Real time information – Because your documents are stored online, they can be shared, viewed and edited in real-time by those with access to the cloud, saving time and allowing for a more flexible working culture.
• Security – For some, the idea of storing sensitive information online raises concerns about security. In reality, cloud accounting is more secure than keeping it on your computer, which could get lost, stolen or broken.

The future of cloud accounting

From April 2019, VAT registered businesses with a turnover above £85k are required to maintain their records digitally, and submit tax return information to HMRC through Making Tax Digital Software. By transitioning to cloud accounting ahead of this deadline, business owners will be better prepared for the change in reporting.

How we can help

RRL’s team of friendly experts can help with all aspects of cloud accounting. We pride ourselves on taking the time to fully understand our clients’ businesses, helping them to find the cloud-solution that best fits their needs and budget. We are also able to offer training to get businesses up and running with their software, in addition to providing ongoing client support. We know the benefits that effective use of cloud accounting can bring to businesses large and small. If you’re considering the transition, why not give us a call to book an appointment and let us guide you through the journey?

For more information please visit www.rrlcornwall.co.uk or call 01872 276116.